Market Bizzz

The article discussed the performance of HDFC Bank, noting its credit growth surpassing deposit growth and its inclusion in the MSCI index might boost its stock. Hero MotoCorp’s struggle with new product lines was highlighted, despite potential benefits from rural recovery. The Hindenburg issue involving the Sebi chief’s investments was dismissed as unsubstantiated.

A higher weighting for India will position it to become the new anchor for emerging market equities, likely driving increased flows into the country. Fund managers say that India’s rising heft may make the EM gauge more appealing to global investors who have been wary due to China’s sway over the index.

LIC CEO Siddhartha Mohanty noted an increase in AUM to Rs 53.58 lakh crore, marking 16.2% growth. Operational efficiency improved, leading to a lower expense ratio. The company’s focus on non-par products has boosted margins. Mohanty aims to double AUM to Rs 100 lakh crore within five years, emphasizing sustainable growth.

Dividends are paid to shareholders who are listed in the company’s records on the record date. Shareholders who buy the stock at least one day before the ex-date qualify for dividends, as the transaction settles the following day. However, those who purchase the stock on the ex-date are not eligible for dividends.

Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have dismissed allegations from Hindenburg Research as baseless. They accuse the US-based short-seller of attempting character assassination in response to a show-cause notice issued by Sebi concerning the Adani issue. The Buchs criticize Hindenburg’s actions as a retaliatory attempt against the enforcement action taken by the regulator.

Hindenburg has now targeted Sebi chief Madhabi Puri Buch and her husband Dhaval Buch in the Adani issue saying that the couple owned stakes in Mauritius and Bermuda-based offshore entities linked to Gautam Adani’s brother Vinod Adani. “If Sebi really wanted to find the offshore fund holders, perhaps the Sebi chairperson could have started by looking in the mirror,” Hindenburg said in its report.

The S&P 500 closed higher on Friday, recovering from a recession-fueled slump. Gains were driven by the technology sector. Investors now focus on upcoming economic data and the Federal Reserve meeting in September, where rate cuts are anticipated.

On Thursday, benchmark indices dropped nearly 1% after the Reserve Bank decided to keep the policy rate steady. Analyst Kushal Gandhi advised existing investors to hold Symphony, which surged 10.35%. However, he suggested caution for Apollo Tyres and Shree Cement, which experienced declines of 1.48% and 3.66%, respectively.

The earnings season for the first quarter has commenced with 306 companies, including Trent, Grasim, and Info Edge, reporting their results. Grasim’s net profit is projected to range from Rs 104-231 crore, despite a potential YoY decline. Revenue is expected to increase, though profits may be hindered by higher losses in some divisions.